The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal Reserve Bank of Boston Report to Stockholders December 31, 1938 January 5, 1939. To the Stockholders of th e F e d e r a l R e s e r v e B a n k of B o s t o n : There is transmitted herewith a statement showing the condition of the Federal Reserve Bank of Boston at the close of business December 31, 1938, also a statement of the Profit and Loss Account for the year ending December 31, 1938. Yours very truly, R. A. YOUNG, President. STATEMENT OF CONDITION AT CLOSE OF BUSINESS December 31, 1938 RESOURCES Earning Assets: Bills d is c o u n t e d .............................. $ 40,970.00 Bills bought in open market 41,323.77 Industrial A d v a n c e s ........................ 1,945,077.85 U. S. Government Securities 192,970,500.00 T o t a l .......................................... $194,997,871.62 Cash Reserves: Gold Certificates with Fed. Res. Agent $420, 000, 000.00 Redemption Fund (F. R. Notes) 328,476.08 Interdistrict Settlement Fund . 240, 319,365.38 Total Gold Certificate Reserves . $660, 647,841.46 Other c a s h .................................... 36, 111,334.33 Total Cash Reserves . . . . 696,759,175.79 Checks and other cash items in process of c o lle c t io n .......................................... 70,638,916.28 Bank P r e m is e s .................................... 4, 500,486.04 Less r e s e r v e s .................................... 1,555,468.79 2,945,017.25 Fed. Dep. Insurance Corp. stock 10.230.236.88 Less r e s e r v e s ........................ 10.230.236.88 All other resources . . . . 2,906,111.59 Total resources . . . . $968,247,092.53 LIABILITIES Capital: Subscribed................................................ Subject to c a l l .................................... Capital paid i n .................................... Surplus Section 7 .................................... Surplus Section 1 3 b .............................. Deposit Liability: Government d e p o s i t s ........................ $ 81,323,769.97 Member Banks’ reserves . . . . 392,293,622.59 Other d e p o s i t s .................................... 18,611,234.31 Deferred credits for uncollected checks . Reserve for co n tin g e n cie s........................ Federal Reserve Notes— net circulation . All other lia b ilitie s .................................... Total Liabilities $ 18,822,700.00 9,411,350.00 $ 9,411,350.00 10,083,351.54 2,873,770.90 $492,228,626.87 67,896,624.21 1,448,336.84 384,129,520.00 175,512.17 $968,247,092.53 STATEMENT OF PROFIT AND LOSS ACCOUNT SHOWING DISTRIBUTION OF EARNINGS AND EXPENSES For the Year Ending December 31, 1938 E a r n in g s .................................................................................... $2,690,182.85 Less current e x p e n s e s ...................................................... Current net earnings 2,165,667.50 ...................................................... $ 524,515.35 Additions to current net e a r n in g s .................................... 653,127.28 T o t a l .............................................................................. $1,177,642.63 Deductions from current net ea rn in g s............................... 428,115.14 $ 749,527.49 Payment to Secretary of the Treasury (Section 13b) . . 1,544.13 $ 747,983.36 Transferred to Surplus (Section 7 ) ..................................... 183,614.40 $ 564,368.96 Dividend paid ................................................ ..... $ 564,368.96 FEDERAL RESERVE BANK OF BOSTON OFFICERS AND DIRECTORS 1938 OFFICERS R oy A. Y oung, President, H. F r ed er ic C u r t is s . Federal Reserve Agent. W il l ia m W. W il l ia m W Pa d d o c k , First Vice-President. Cashier. il l e t t , K r ic k e l K . C a r r ic k , Secretary and < i General Counsel. E l l is G. E rnest H ult, M. L. E d d y , Assistant Federal Reserve Agent. W alter W il l ia m John J. D. M F ogg, cR a e , Chief Examiner. Auditor. Assistant Cashier. L e a v it t , Assistant Cashier. C a r l B. P it m a n , Assistant Cashier. L. W A. C. allace K Sw e e t s e r , ennel, Assistant Cashier. Jr., Assistant Counsel.- DIRECTORS Class and Group A 1 A l l a n F o rbes, Term Expires December 31 President, State Street Trust Company Boston, Mass. 1941 R eed, President, The Citizens and Manufacturers National Bank of Waterbury Waterbury, Ct. 1940 D President, The First National Bank of Damariscotta, Damariscotta, Me. 1939 B 1 P h il ip R . A l l e n , Chairman of the Board, Bird &Son, Inc. E. Walpole, Mass. 1941 B2 President, Boston and Maine Railroad, Springfield, Vt. 1940 Vice-President and Director, Wm. Filene’s Sons Company, Boston, Mass. 1939 Chairman Boston, Mass. 1941 S. A 2 L e w is A 3 B L eon A. E dw ard S. odge, F rench, 3 E d w a r d J. F r o s t , C F r e d e r ic C H enry C H enry H. C u r t is s , S. D e n n is o n , Deputy Chairman, I. H a r r im a n , Framingham, Mass. 1939 President, Dennison Manufacturing Company, Director, New England Power Company, Boston, Mass. ASSOCIATE COUNSEL Boston, Mass. P h il l ip s K e t c h u m , MEMBER OF FEDERAL ADVISORY COUNCIL T hom as M . S teele President of The First National Bank and Trust Company of New Haven New Haven, Conn. 1940
@FedFRASER